How to Take Your Pension
Taking Your Pension
If you wish to take your pension, you simply need to contact us to request payment. Remember the earliest you can take your pension is age 55, unless you are retiring on ill health grounds.
Once we have received your request, we will write to you, outlining the options you have for taking your pension. This will include options for swapping pension for a tax free lump sum as well as bank and nomination forms for you to complete.
How to request payment?
If you want to take your pension, you can:
- Submit a payment request through My Pension+. Using the Deferred Payment calculator, you can tell us the date you would like to take your pension and also select your lump sum, seeing how increasing your lump sum would impact your annual pension, or
- Contact us through our website form
Once we have received your request, we will write to you, outlining your options. If you have submitted a request via My Pension+ you will also have the opportunity at this time to amend your requested lump sum if you wish. We will also issue bank and nomination forms for you to complete.
How long is the process?
The length of time it takes to process and put your pension into payment varies depending on resources available. So if you want your pension payments to start by a certain date you should contact us in plenty of time to ensure this can be done.
Got AVCs?
If you have AVCs, you will be required to take, or opt out of, Pension Wise guidance, before your AVCs and pension can be paid. Find out more here.
When will I get my first payment?
Once we have received all your paperwork we will process your pension for payment. Pensions are paid on the 15th of each month, with payroll closing around 1 week before. So your first payment will depend on when we receive your paperwork.
If you are getting a lump sum, this will be paid around 15-20 working days after we receive your paperwork.
